Livepeer (LPT) has emerged as the standout performer among the top 100 cryptocurrencies in the recent price surge, but a potential pullback looms on the horizon.
In the last 24 hours, LPT has surged by 17.7% and is currently trading at $24.5. The cryptocurrency briefly hit an intraday high of $26.16 earlier today. Livepeer’s price surge has pushed its market cap over $800 million, securing its spot on the list of the top 100 cryptocurrencies at the 95th position.
Furthermore, Livepeer’s daily trading volume has spiked by 108%, reaching $140 million.
Launched in 2017 as the first decentralized and open-source platform for live video streaming, Livepeer’s native token hit an all-time low of $0.42 in March 2020. However, during the bull run of 2021, LPT reached an all-time high of $100.24 on Nov. 9, 2021.
According to data from Santiment, the exchange inflow of LPT has surged by 115% in the last 24 hours, jumping from 60,638 tokens to 130,250 LPT coins. This increase in inflows indicates that some investors, including whales, are looking to capitalize on short-term gains.
On the other hand, the exchange outflow of Livepeer has increased by 42% in the last day, rising from 74,984 coins to 106,630 tokens. This movement suggests that some holders are looking at long-term investments.
Santiment’s data also shows that the relative strength index (RSI) of LPT has climbed from 48 to 61 in the past day, indicating that Livepeer is slightly overbought at the moment.
As a result, Livepeer could experience heightened price volatility due to the surge in trading volume, exchange inflows, and RSI.
For more insights, check out our article on the Pepe price forecast and why the $PEPE token is on the rebound.